foreclosures

Foreclosures rose in several Oregon counties during the month of December. Eugene based real estate buyer Gorilla Capital reported there were 753 foreclosures in 2014.

Lane County saw 94 foreclosures in December 2014. Ally Leavitt with Gorilla Capital says the fourth quarter is traditionally slow for foreclosures, but the change in Oregon’s process could be a factor.

Home foreclosure filings in Oregon spiked last month. Four hundred and seventy four court foreclosures were filed in March compared to 295 in February. According to John Helmick, CEO of Gorilla Capitol, the increase was anticipated.

Helmick: "These are homes that have gone through the required mandatory mediation process, and so now they are able to file the foreclosures because under the new statute you have to go thought this mediation process before you can file the foreclosure."

Oregon received a "D" grade for its housing market, according to the Corporation for Enterprise Development. The State's foreclosure rate is higher than the national average, and is considered to be sluggishly pulling out of the mortgage crisis.

For the forth consecutive month, court foreclosure filings decreased in 20 Oregon counties. The trend was a reflection of activity in 2013, but a swell in foreclosures might be ahead for this year.

The Oregon Legislature passed changes to judicial foreclosures in August. That slowed down the process for lenders. Eugene based Gorilla Capitol purchases distressed real estate and tracks Oregon's home foreclosure market. CEO John Helmick says the changes include sending out "pre-foreclosure" notices to homeowners.